Buying a home? Click here to perform a full home search
Selling a home? Click here for a FREE Home Price Evaluation
If you were a seller, would you accept an offer from someone who may not be able to pay for your home? My guess is that you would say, “Absolutely not!” You would be right to say this, and this is why a pre-approval letter is so important.
Before you begin looking for a home or even before you begin looking for a real estate agent, you need to speak with a lender to see if you can actually afford to purchase one. This should always be your first step when you are attempting to buy a home. If you don’t know what kind of home you can afford, then you better speak with a lender.
Not only is speaking with a lender better for determining your buying power, it can also help you to narrow down your home search. I hate to see my clients find a home they like and then discover that they cannot afford it. Don’t make that mistake - speak with a lender before doing anything else!
On the flip side of this, sellers love to see letters of pre-approval. Like I stated before, it proves that you have the funds to buy the home, and this gives the seller peace of mind. Often times, a seller will not even entertain an offer from a buyer who is not pre-approved. If you don’t have a letter of pre-approval, you won’t stand a chance in this market.
If you have any further questions about this market, please don’t hesitate to contact me!
Exceptionally presented, accurate and to the point. Great job!
ReplyDelete